Zip code 16423 has experienced demographic shifts over the past decade. The population peaked in 2016 at 5,095 residents and has since declined to 4,775 in 2022. Despite this population decrease, the median income has increased steadily from $48,177 in 2013 to $62,510 in 2022, suggesting an overall improvement in economic conditions.

The racial composition of the area has remained relatively stable, with a predominantly white population. However, a slight increase in diversity has occurred, with the percentage of white residents decreasing from 96% in 2013 to 91% in 2022. The Hispanic population has shown a small increase from 3% to 4% during this period.

These demographic trends, particularly the rising median income, may partially explain why no additional LIHTC projects have been developed in the area since 1997. The improving economic conditions might have reduced the perceived need for additional affordable housing units.

Zip code 16423 in Lake City, Pennsylvania, has a modest LIHTC funded affordable housing inventory, consisting of 44 two-bedroom units in a single project completed in 1997. This represents about 2.4% of the estimated housing stock in the area. This percentage falls short of the target percentage for affordable housing, but other programs may contribute to the overall affordable housing inventory.

The area has experienced a slight population decline in recent years, coupled with a significant increase in median income. These factors, along with the relatively stable racial composition, may have influenced the lack of new LIHTC developments in the past decade. However, as economic conditions continue to evolve, ongoing assessment of affordable housing needs in zip code 16423 will be crucial to ensure adequate housing options for all residents.